Looking to move... WTF is going on with prices?

klose · 18-08-2021 1:47pm

https://www.boards.ie/discussion/comment/117769120#Comment_117769120

Good point, I'd say a lot of people are looking to "cash in" only to be disappointed when they find their new purchases is going over budget too?

Jmc25 · 18-08-2021 2:48pm

https://www.boards.ie/discussion/comment/117771444#Comment_117771444

Indeed. What's going on at the moment with prices suits few people - those with multiple properties, inherited properties, or those looking to trade down are the only people I see this current market benefitting.

Amadan Dubh · 18-08-2021 3:13pm

https://www.boards.ie/discussion/comment/117771437#Comment_117771437

Nice post, I just wanted to maybe highlight net immigration on the demand side and how it has been correlated to the growth in rents (due to the limited supply of new homes and the growth in rents, I feel this has inflated the entire market). It is not due to our birth rate, foreign students or refugee/asylum seekers (the change in birth rate has not manifested in impacts to the demand side yet, foreign students and asylum seekers do not have the money to pay Irish rents and are certainly not buying houses).

From 2015 is when rents really exploded and it is correlated (probably caused) by the net immigration trends since then;https://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2019/

Looking at the breakdown of where the immigrants are coming from and what their economic status is, one thing jumps out; non-EU net immigration makes up half of our net immigration figures and the vast majority are university educated and here for work reasons in the majority of cases.

My own view is that a lot of this net immigration is directly connected with the growth of the few hyper tech companies in Ireland and the jobs they have created, but that this growth is not necessarily sustainable due to, not just a potential recession or weaker growth environment but also due to the growing efforts to reduce their tax advantages for setting up in Ireland from the U.S. as well as at the E.U. level. This particularly applies to the Twitter, Google, Facebook, Microsoft etc, entities moreso than to the pharmaceutical entities, where the jobs done at the tech entities is suited to be done remotely (hence why these employers require non-English language speakers for most jobs as the jobs they are hiring for are "remote working" jobs (e.g. Sales - Nordic region or customer service - Spanish speaker) to service the respective foreign markets in which these companies operate as opposed to the Irish market).

Demand is there until it isn't but if we see a reversal in immigration trends, it will be due to the lack of growth at the hyper tech companies, which will in turn feed back into a reduction in the demand side for rentals and rents attainable which will also pull down the whole market. A corollary to this is also that to see continued growth in the rental market we would need to see continued growth in the jobs created at these companies, moreso than other factors.

random_banter · 18-08-2021 4:44pm

I'm not much of an economist myself, so really appreciate the variety of analyses above - all good food for thought.

Trying to buy our first family home for awhile now, and seeing the supply dwindle and dwindle as the prices have risen. We don't really have 5-6 years to wait on that front, and we thought we would at least wait until the pandemic situation had stabilised - thinking that some stability would help people make their decision to put their property on the market. However there is still no sign of a pick up in supply.

So rather than purchase last summer, we're trying to purchase now, and the increase in expectations that I'm seeing on the side of sellers is staggering. One house we tried to buy had their sale fall through in April, we offered the previously sale agreed price to them on the same day (as soon as the EA called us to tell us the previous buyers had pulled out) and the seller wouldn't accept the price - even though they had been sitting on that price sale agreed for the previous 4 months. They knew the market was getting hotter and hotter by the week and wanted to cash in.

In 2018 & 2019 we would have had no problem buying our home in the area we'd set out sights on with our budget. Houses that were going for a certain amount in late 2019 now going for another 60-100k+ in some cases. Total madness.

We found a proper fixer-upper recently that we fell in love with, entered into a bidding war where it ended up going 100k over the ask which was a real shock. Needed a huge amount of work, and would not have gone for that price in pre pandemic times (I spend a lot of time looking at the PPR).

It's like the wild west out there at the moment. And even to fix up a house that needs fixing up now costs an extra arm and a leg.

Moving further out wouldn't work for us as we have to be close to our workplaces, otherwise we would. It's bleak! My commiserations to others in the same boat. We are just going to keep looking.

fliball123 · 18-08-2021 4:51pm

https://www.boards.ie/discussion/comment/117772141#Comment_117772141

The change in birth vs death rates is a contributing factor as I say year on year since 1922 (i think the first year it was recorded the difference between the 2 has increased meaning that year on year there is a bigger cohort of people at an age that they should be living in their own place.

Also I would not try to break down supply into either renting or buying. Our emigration figures mean that these people are looking for rentals ergo that property is no longer on the market to be either bought or rented further tightening supply. I agree with the tech/pharma jobs (to a degree) a lot of people are moving to this country for this, having said that, if you go to mcDonalds, most restaurants or Aldi or most other supermarkets or look at industries which are low-medium paying jobs there are as many foreign accents as there are Irish ones. I think people are moving here as Ireland as a country has a lot to offer other than hi tech or pharma jobs as well as we are a lot more left leaning than we think.

We will see more people coming in once the emigration process is streamlined down from 8 years to 4 months so that trend for the next 5 - 10 years is only going up once Covid is gone.

section4 · 19-08-2021 6:15am

https://www.boards.ie/discussion/comment/117771261#Comment_117771261

First one in London late eighties

second in Ireland 2008

and this one that is brewing is showing all the same irrational exurbance

Canary Wharf in London was built by a company called Olympia and York,

who were the Reichman brothers, biggest commercial property owners in New York City

they got caught in the London crash , when asked how they got caught,

they answered quite simply, we never saw it coming , and that is always the way with crashes

if we could see them coming there would be no crashes

it will happen, it always does, rinse and repeat.

section4 · 19-08-2021 6:18am

https://www.boards.ie/discussion/comment/117771118#Comment_117771118

There is no logic in crashes , because economics is not numbers

economics is human behaviour , that’s what causes crashes not numbers

The Mighty Quinn · 19-08-2021 6:44am

https://www.boards.ie/discussion/comment/117761042#Comment_117761042

Just on this, if you're planning to move to a larger house within your own area, yes the house you're looking to biu is at an inflated price, but conversely so is the price you'll get for your own existing house. If by 2024 things have dropped a bit, then so will what your current asset is worth no? All relative?

cruizer101 · 19-08-2021 8:07am

Current asset will have dropped also but relatively speaking the difference should be smaller.

e.g. Now: Current house 400k New house 500k difference 100k

Prices go up 10%, difference 110k

Prices go down 10%, difference 90k

So if upgrading you want to do it when prices are low to minimize the difference you have to make up, this does assume prices go up evenly which is reasonable enough assumption so long as similar area as they will broadly speaking go up and down similar amounts, moving Dublin to Leitrim more to consider.

Conversely if downgrading you want to do when prices are high.

Personally I can't see prices dropping significantly anytime soon, as much as people like to give out about the phrase, this time is different. In 2007 people were getting 110% mortgages at 5 times their salary, housing estates were popping up left right and centre, people just out of college were being encouraged to buy as soon as they can just to get on the property ladder, people were encouraged to buy second and third homes to rent here and abroad. This time the demand is far more more real, its couples in their 30's looking to start families that need not want homes, people aren't over extending to the same extent due to bank rules, supply has been below required for a number of years and doesn't look like ramping up anytime soon.

That said I am also smart enough to know I and nobody else knows for sure, I wouldn't be purchasing as investment but if it is going to be your home for 20+ years and you can afford it then it probably still makes sense to buy now.

mamax · 19-08-2021 9:19am

https://www.boards.ie/discussion/comment/117760675#Comment_117760675

Some crazy reports of this and also the opposite in many areas.

I'm currently selling a 3 bed house it's not remote but just outside a small village which is 10 mins from a decent town and major golf resort in the west, EA has had over 10 viewings to date but no offers, asking price is normal for the area and not inflated, I can't get my head around how this market is going now so thinking of pulling it off the market and renting again, lots of people want to rent and none want to buy.

Sierra Oscar · 19-08-2021 10:40am

https://www.boards.ie/discussion/comment/117770201#Comment_117770201

I'd be skeptical regarding Central Banks ability to keep printing money though, there comes a point where quantitive easing will have to be wound down and who knows what impact it will have on the wider global economy. I'd suggest not a very good one.

Look at the global markets today alone, some large falls following reports that the Federal Reserve is considering tapering off it's stimulus plan later in the year. That also means higher interest rates. We've gotten very used to 2-3% interests rates in the last decade. I'd argue though that in the next decade people purchasing homes would want to be comfortable with the notion of having to pay 5-6% interest. It's not beyond the realms of possibility, history has shown us that periods of quantitive easing are followed by inflation and higher interest rates. Worth noting that the period of qualitative easing we have had since the last financial crisis is the longest in, well, the history of economics. Sure, inflation may eat away at a mortgage but we also know that earnings always tend to lag inflation in times where inflation starts to really gather pace.

Uncertain times ahead in my view. The last time the Federal Reserve attempted to tighten quantitive easing they almost crashed the global economy and had to reverse their interest rate increases. It can't go on forever though.

Maxxx17 · 19-08-2021 10:49am

Yes prices are tight right now. Whatever city or country you went to. Everything is as expensive as possible. There is a dream of moving to a better place. But it's worth saving up. In the meantime I'm just sitting here. I can only dream alas.

Jmc25 · 19-08-2021 11:06am

https://www.boards.ie/discussion/comment/117774752#Comment_117774752

Things are volatile at the moment. Have viewed some where offers are going mad, others where there's nothing happening, and very little difference in quality or asking price between them.

My own thinking (total speculation), is there's less potential buyers desperate to buy at any price like we saw earlier this year. But there's still loads of potential buyers.

You list your house and you could get two or three interested parties who are desperate and will bid it up and you go sale agreed in a couple of weeks, or you could get ten interested parties who aren't as desperate and it'll sit there for a while.

It's volatile and not a healthy way for the market to be.

cnocbui · 19-08-2021 1:07pm

https://www.boards.ie/discussion/comment/117774440#Comment_117774440

The current market is more desperation than exuberance. My point stands, there has only been one meaningful property crash in Ireland, they are not frequent 7 yearly events and most people will only see one in their lifetime. Their rarity makes it madness to put off buying while hoping and waiting for the next one.

kheb · 21-08-2021 8:42pm

Prices won't reduce any time soon as supply is so slow, due to many different factors. Lack of supply is the single biggest issue. Even if a crash comes, prices will drop slowly as sellers hold out as long as possible. In the meantime, is it worth renting to wait for a reduced price in the future? Each person has to decide and answer that for themselves.

section4 · 23-08-2021 1:48am

https://www.boards.ie/discussion/comment/117775775#Comment_117775775

There has only been 1 crash,

well prices actually dropped in 2001 as the government implemented policies recommended by the bacon report.

house prices had been rising rapidly since the early nineties when bacon was asked for recommendations

when his recommendations were carried out prices slowed and actually fell back in 2001

remember the nineties was the advent of the Celtic tiger when you had real growth and people had access to

money they never had before.

ah but that was no good, we couldn’t have reasonable house prices could we

so the government changed tack and reversed all his recommendations

prices started to rise, then mass immigration from 2004 and you have a perfect storm.

but nobody thought it would end, i said the same things then I am saying now and people

like you had the same theories which all amounted to, it’s different this time..

you could buy a house for 14k in north strand in 1995.

why are those same houses now 350k.

JimmyVik · 23-08-2021 9:11am

A friend of mine has gone sale agree on Friday.

Its a detached house in a nice estate.

Similar houses were selling for about €350k last year.

The house right next door sold 6 months ago for €450 so my friends thought, now is the time to sell.

They put a bid on their new house that got accepted at just below what previous ones had sold for. They thought they would make some money out of the difference.

They ended up getting a top offer of €390k for their own house that they thought they would get at least €450 +.

It looks like the supply of buyers that were willing to pay over the odds for houses in their estate have dried up.

Its a very fickle market.

Wait til the the owners who paid €450k see €390k on the PPR for the exact same house next door, in much better condition :)

23-08-2021 10:10am

Bought my house in H1 2019, got a valuation last month as we're changing mortgage, the valuation we got is 20% above what we paid and the valuer told us that was a conservative estimate for the bank and she'd expect it to get another 10% on top of that if we sold. So a potential 30% price increase in just over two years. This is in D7.

This is obviously fine for me as my LTV has improved massively just from us doing nothing, but it is completely fucked really in terms of the housing market. I would have zero chance of buying this house if we were looking to buy now, it would be way out of our price range. All the serial objectors are doing me a great service.

lawred2 · 23-08-2021 10:10am

https://www.boards.ie/discussion/comment/117791654#Comment_117791654

where's this?

JimmyVik · 23-08-2021 10:19am

https://www.boards.ie/discussion/comment/117791896#Comment_117791896

North Dublin.

cnocbui · 23-08-2021 11:04am

https://www.boards.ie/discussion/comment/117791332#Comment_117791332

The usual supply and demand. In 1994, unemployment was 16%, there was essentially full employment by 2001. GDP also nearly doubled. Maybe demand for houses increased while the capacity to build them didn't and demand in 1995 wasn't great? I'd imagine input costs for house construction, like labour, were likely a bit less, given the unemployment rate, than they are now? Also houses in 1995 were pretty basic - not too much insulation, granite counter tops, A2 BER's, etc.

Why weren't their lines of people to view houses on the market in 2012 when they were on fire sale at 15-20% below cost?

section4 · 23-08-2021 11:34am

https://www.boards.ie/discussion/comment/117792153#Comment_117792153

simple, they didnt have the means or the access to credit, and there s the rub, you can have all the demand in the world but if people cant get credit they cant buy, you can only defy reality for so long, people who were buying up to the crash should nver have been given the credit they got but he banks gave them it, only when that dried up did the crash happen,when people started to notice, oh that gilt edged asset is no longer going up in value, then the herd turns the other way and nothing will stop them

Jmc25 · 23-08-2021 11:35am

https://www.boards.ie/discussion/comment/117791654#Comment_117791654

I'm in the market to buy at the moment and this definitely seems to be the way things are going.

You sell now and you'll find a buyer no problem and get a very good price - at least 5 per cent more than you would have gotten this time last year.

But I haven't seen the madness of 100k over asking bidding wars that were happening when I was looking in March and April. When I look at the PPR prior to a viewing I can see those outliers. The prices paid don't match up with what the same houses have previously gone for or are now going for.

It's also reflected in the CSO figures - annual growth of circa 6 per cent Vs some houses on the PPR for 20 - 25 per cent over what similar ones went for a year ago.

I feel sorry for the purchasers but somewhat vindicated that I walked away from many of those houses.

Brian? · 23-08-2021 11:38am

https://www.boards.ie/discussion/comment/117710316#Comment_117710316

No way in the world are you getting a 2 bed extension for 50k. Unless you do the labour yourself.

klose · 23-08-2021 12:06pm

https://www.boards.ie/discussion/comment/117786269#Comment_117786269

That's the thing it's up to the people to decide, in our situation, we are in the process of buying (waiting on the deads from the bank currently) what we paid will equate to about 750 a month and a bit more for the usual like house insurance mortgage protection etc. The average rent for a decent gaff in town is 1000+ a month. Is it ideal to over pay on our house? No. Does it make sense to rent to see what happens for 1/2 years and spent 24,000+ on rent alone when I could be two years into my mortgage. I'd also say no. Hard decisions for a lot of people.

green123 · 23-08-2021 12:28pm

https://www.boards.ie/discussion/comment/117762410#Comment_117762410

I think I see what you are getting at.

You say you know it should really only cost 50k for the extension and the builder or labourer also know this.

But some people are willing to pay 150k for a similar job, so of course that has become the current price.

But in reality it could be done for 50k.

That seems to be what you have said?

So basically it's just another rip off yes?

And I suppose I don't blame builders for making hay while the sun shines

Smiley11 · 23-08-2021 6:40pm

https://www.boards.ie/discussion/comment/117792294#Comment_117792294

I find its still mad. Batsh*t crazy in our market anyway & thats not me being dramatic. We bowed out of bidding on a house 2 weeks ago over 140k over asking. Not sure where it ended up but I got to the point of not being able to answer my husbands update calls out of sheer horror! Bracing ourselves for another battle in the next couple of weeks & I would confidently estimate this house will go at least 75k over asking. These are 4 bed semis in Cork City.

niniboots · 23-08-2021 8:51pm

We have been trying to purchase 14mths, had new build but pulled out due to sewage waste treatment plant which was undisclosed until solicitor pack. Rent increased in that time after covid restrictions lifted. Then faced with landlord selling up. We viewed a new rental to try and hold out but there was so much interest we didn't even get a callback. Anyway, we placed our names on EVERY single new build in commuter zone to Dublin. I am not joking the releases were sold in minutes, Maynooth, Dunshaughlin, Dunboyne, Barnhall leixlip on & on, you have an email the day of notification to register and upload details to portal or try desperately to bag 'a viewing', we have possibly been unlucky but I'm checking everyday for updates on releases & fairly diligent. We are on so many cancellation lists I've lost count. While we are ftb, we are in our 40s & have been stuck in rental hell. So to say it's been stressful and difficult feels like an understatement. We got a call Friday for Mullenpark, you know the REIT controversy and placed deposit after viewing on Sat. Every single person confirmed on the day and EA has said she has extensive waiting list for our house type. These are not a cheap house. However, it's affordable for us and while we have large deposit our mortgage is still 3.5. For us it's a no brainer to pay off a mortgage, renting for another 3 years = 70k or until some magic market correct happens buying is rolling dice on a significant price correction. I do however believe ftb have reached a limit on what they can afford on new builds. Interestingly while our type sold out and has waiting list the 4bed, 465k 2 were still available today.

shesty · 23-08-2021 9:06pm

Things are completely crazy, and desperation is the right description.Currently selling ours, it has gone 60k over the asking price in bids last time I spoke to the agent.4 bed semi-d, we built a small extension a couple of years ago.I honestly feel bad, like we are ripping people off or something but I can't exactly stop the process either so not much to be done.We are buying so obviously getting squeezed too on the other side of the equation - bids in on three houses, all rising slowly.The whole thing is equally ridiculous and awful.Estate agents must be having a great time.

24-08-2021 8:22am

https://www.boards.ie/discussion/comment/117794846#Comment_117794846

I'm sure the EAs are plenty busy but this situation is not their fault or their doing.

shesty · 24-08-2021 8:31am

https://www.boards.ie/discussion/comment/117795904#Comment_117795904

No but I have observed around here that some estate agents definitely put a higher price on when they can.However it is up to a buyer to be willing to pay it.

jbv · 24-08-2021 8:47am

For the last 2 years, paying almost €2000 in rent per month as a family with 2 kids. The amount approved from the bank to buy a house is ridiculous. With the property bubble at least you could borrow more then what you can today. Forcing people to rent instead of buying is not the right approach.

fliball123 · 24-08-2021 11:00am

https://www.boards.ie/discussion/comment/117792153#Comment_117792153

Well to start with the family house was protected after the crash in 2008 so those properties (most of which would be in desirable areas to live in) did not flow on stream to the market, we also had a lot of over building in the years preceding the cash, (including undesirable ghost estates) The banks also more or less stopped lending or at least made it very hard to get cash. Add in the job losses more than 400k people permanently lost a job between 2008 and 2012. So lots of reasons why there was not a line around the corner for properties. But just to be clear a certain cohort of people did buy (more times than not cash buyers - one of which I was in 2012) and if like me you held on to it and selling it now they will make a tidy profit.

Ray Palmer · 24-08-2021 2:17pm

https://www.boards.ie/discussion/comment/117791332#Comment_117791332

I own property in North Strand and I can assure you couldn't buy a house there for 14k in 1995. If you could I would have bought quite a few and would have not had a mortgage on the property. If I recall correctly it was worth £120k then.

JimmyVik · 24-08-2021 2:21pm

https://www.boards.ie/discussion/comment/117795931#Comment_117795931

In practice they actually put lower prices up than they expect to sell for.

Say you had a house that they thought would comfortably sell for €430k.

They will put it up at €395k.

This is so that it shows up in searches that have €400k or €425k as the upper limit on the search.

If they had put it up at €430k they would miss out on all the people who limited their search but could stretch a bit if they liked the house.

They would never have been aware of that house if it was put up with a price of €430k or over.

Darc19 · 24-08-2021 2:44pm

The exuberance in the 300k - 450k market has definitely subsided especially in commuter towns. Huge number of new builds going up too. Naas / Newbridge / Kildare Town have in excess of 2,000 homes under construction or about to start construction.

Celbridge, leixlip, Maynooth have similar numbers.

Developers are now getting bookings and contracts signed man months before expected completion.

In Dublin itself, the share price boom of tech companies is playing a big part. Facebook, Google, Amazon, Paypal, Microsoft are just a small few of the many tech companies that give share options. Shares have soared. You pay your 30% capital gains tax on the shares that have vested and the rest is there for spending. Some long term average workers have had gains of €500,000+ after tax, senior employees will have more.

So if the house is in a particular area, walking distance to certain schools and amenities, it will get a premium to its value.

But ordinary everyday houses, prices are definitely plateauing and market is seeing the heat come off. I can't see any fall of note coming as interest rates are going nowhere and currently on a 30 year term, €100,000 is costing under €400 a month and can be fixed at that level for 10+ years. (300k = under €1200, 400k = under €1600)

Darc19 · 24-08-2021 2:51pm

https://www.boards.ie/discussion/comment/117797431#Comment_117797431

I think the poster got it wrong be a decade. In 1985 you could buy one of the terraced houses for near enough that price. (a friend bought for £16,000 in Shamrock terrace). In 1985 3 bed semi in goatstown was £34950 (Cavan Developments).

javaboy · 24-08-2021 3:07pm

https://www.boards.ie/discussion/comment/117797639#Comment_117797639

Worth clarifying that for RSUs (which is most common now I think) shares are taxed at 52% upon vesting. The 30% CGT applies to any gains made on shares between the time they vest and the time they're sold.

Ray Palmer · 24-08-2021 3:22pm

https://www.boards.ie/discussion/comment/117797693#Comment_117797693

even in 1985 at those prices you would have had a lot of work to do. Most of the properties in the area were badly maintained for decades. The area is a good way through gentrification now and very few properties are in the condition they were in the 80s

spaceHopper · 24-08-2021 4:40pm

I think a crash in apartment prices in inevitable, you have pension funds buying buildings here. They buy a building and get a good deal. Then rent out a few of the apartments for an over inflated rent privately or to a housing body. Then revalue all the apartments for 15 times rental income and show a growth in values of 10 or more percent without disclosing the empties

If we have a SF government which is almost certain and they put a stop to it then they will see no point hanging on them and start to sell them, causing a glut and a crash which could bring down house prices too given that they are also buying blocks of house in estates. The problem is for Irish bank if you lend to a FTB who buys a new build without knowing that a large part of it is going to be used for social housing. One bad egg causes misery and they end up handing over the keys added to a price crash you have a perfect storm caused by our last two governments distorting the market.

If you want to fix the Irish property market, force investment funds to stop holding on to empty units. Change the rules to be more like Scotland and France where property is sold for offers up to the asking if you offer the asking the seller has to accept it and cannot sell to somebody else. Equally you have to buy it.

section4 · 24-08-2021 6:55pm

https://www.boards.ie/discussion/comment/117797431#Comment_117797431

I am glad you said that because what I say is true, I know I was thinking of buying and went into estate agents. Not only that it my friend bought one for 27k around 1994.

If you don't know that then you are not aware of what prices were like them.

This was a 2 up and 2 down.

The reason I checked them out was because a girl.i knew in London had a brother who bought a house in a little street called I think 4th avenue around the sherrif st area.for 6k in 1989.

You dont have to believe me, I don't care, but give me a few days and I will try to dig up the details.

I bought a flat in London in 88 for 67k so was aware if house prices especially when the market crashed shortly afterwards.

section4 · 24-08-2021 8:03pm

https://www.boards.ie/discussion/comment/117797693#Comment_117797693

The poster never got it wrong atall.

I know exactly the time very very well.

I used to go out with a girl from dublin in 88, she wanted to move back to Dublin, there was houses going for around 10k near inchicire, houses not apartments, I had paid 67k for a 2 bed at the height of the boom in 88 so I was well aware if house prices and she was making the point about the price difference.

I was in negative equity for a few years and was checking out house prices in dublin.

When I came to Dublin in 94 I checked out those houses on north strand , so I am not even a year out never mind a decade.

I was working on a development in rathfarnham in 2001, 3 phases , first phase sold out quickly, developer put next phase up by 30% got them sold no problem. He put them up because there was demand, not because he wasn't making money. That's what happens when a market gets frothy like now, prices keep going up because people become irrational and pay more thry should.

section4 · 24-08-2021 8:09pm

https://www.irishtimes.com/life-and-style/homes-and-property/twenty-years-a-viewing-the-ups-and-downs-of-the-property-pages-1.939457

FrankN1 · 24-08-2021 8:11pm

https://www.boards.ie/discussion/comment/117797639#Comment_117797639

Really? How / where are you seeing this data.

Jmc25 · 24-08-2021 9:43pm

https://www.boards.ie/discussion/comment/117798972#Comment_117798972

I'd agree with this poster based on my own experience recently. Market is busy, loads of people at viewings and houses getting snapped up within weeks of going on the market, at higher prices than this time last year. But there's less madness with the bidding, at least on the houses I'm looking at.

There's no data that will show it yet I wouldn't think as PPR is months behind and estate agents generally never whacked up asking prices to the prices houses were actually going for through aggressive bidding wars so it probably wouldn't show in asking prices either.

Totally anecdotal here, but for what it's worth that's been my experience.

the_galway_fry · 24-08-2021 9:52pm

the biggest problem by far are funds buying up everything , i know one who have over 2 thousand properties in and around dublin alone .

how that is allowed to happen is down to the government

they should be taxed to the hilt and increasingly so with every new property until it is no ;onger viable for them to do it

crazy situation when our own citizens cant afford a house

job seeker · 24-08-2021 11:44pm

https://www.boards.ie/discussion/comment/117799417#Comment_117799417

Looking at the prices houses are going for is simply depressing! I was batting around the idea of buying a house soon. That was until I read a few threads in this forum! Holy smokes!! I am very sad to say that at 28 there isn't even hope in hell of me affording a house!

catrionanic · 25-08-2021 8:25am

I've been having a dig on property price register for houses near me in Malahide. Large estates in 450-600k range, eg Gainsborough, Seabury. The prices seem to have stayed fairly steady since 2017.

Ray Palmer · 25-08-2021 10:28am

https://www.boards.ie/discussion/comment/117798718#Comment_117798718

You are glad I said that and you changed your figures to make a different amount nearly double what was said. Then bring up a house off Sheriff Street which is not the same area and one of the most dangerous streets to live on in the country. Just very confusing to say you are glad I brought up that you were wrong and you then changed what was said. The condition of these house was terrible and required extensive rework. My family have been involved in North Strand since the 80s so we always paid attention to house sales in the area. In fact we tried to buy one side of Xavier Avenue which was derelict and the houses were more expensive than was said and that was 1990 if I recall correctly. Went to buy a property on Spencer Street in 1999 and that was £150k and it need to have the roof replaced. So yeah I don't believe you

Doesn't really matter as it is a totally different neighbourhood now and people see value in them now

section4 · 25-08-2021 12:28pm

https://www.boards.ie/discussion/comment/117800850#Comment_117800850

excuse me, where did i change my figures

Looking to move... WTF is going on with prices?

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